Companies (Application of Laws) (Retirement Villages Exemption) Regulations 1985 (NSW)

1Name of Regulations

These Regulations may be cited as the Companies (Application of Laws) (Retirement Villages Exemption) Regulations 1985.

2Definitions

In these Regulations:

retirement village scheme means a scheme, undertaking or enterprise (in this definition referred to as the relevant scheme), whether in the State or elsewhere, that is, or is proposed to be, carried out or undertaken with the intention that the participants, or a majority of the participants, in the relevant scheme be provided, in connection with the relevant scheme, with residential accommodation within a retirement community, whether or not the entitlement of a participant to be provided with such accommodation derives from a proprietary interest held by the participant in the premises where the accommodation is provided, but does not include a time-sharing scheme.

the Act means the Companies (Application of Laws) Act 1981.

3“Prescribed interest” exemption—retirement village schemes

Pursuant to section 16 (2) of the Act, a right to participate or an interest in a retirement village scheme is declared to be an exempt right or interest for the purposes of Division 6 of Part IV of the Companies (New South Wales) Code.